Monday, July 13th saw the front-month NYMEX Natural Gas contract open at $2.888, $0.052 below Friday’s closing price of $2.940. Trending lower to trade near $2.860 by 9:30AM, the contract marked a two-month intraday low of $2.847 nearly an hour later. Eyeing shifting fundamentals, both domestic and international, prices ascended through midday to reach an intraday high of $2.914 at 12:55PM. August closed lower on Monday at $2.897.
The EIA Natural Gas Storage Report published last Thursday posted a 61 BCF injection to storage for the week ended July 3 – in line with the market estimate of 57 BCF. Working gas in storage was reported as 2,982 BCF; 0.5% below this time last year and 6.6% above the five-year average.
In Globex, as of 8:00AM this morning, WTI Crude was up $1.540; Natural Gas was down $0.020; Heating Oil was up $0.126; and Gasoline was up $0.069.
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